To really change the world and build your business, you need to motivate people to help you. If you really want your goals to become reality, you must have a positive attitude and faith that it will happen. However, if you really want to get a bank loan for business, you may be out of luck.
Leadership is not about big, sweeping acts and decisions. It’s more about maintaining focus on the little things while also keeping an eye on the big picture. One of the things that really matter is the ability to obtain fast business financing. Unfortunately, getting a bank loan for business is probably not feasible for most small businesses. Read on to learn about your options.
Reasons Why a Small Business May Not Qualify for a Bank Loan for Business
1. You haven’t been in business long enough. Traditional banks don’t like to take risks on businesses that have been in operation for five years or less. Even if you are relatively new, they still expect the business owners to have experience in their industry.
2. You have less than perfect credit. If you don’t have excellent credit, don’t even bother walking into a bank for a small business loan. Falling a little short is still not okay. While there are plenty of other criteria to determine the health of your business, they won’t look past your credit score to see it.
3. With no collateral, you have no chance of obtaining a business bank loan. To protect themselves (and their precious shareholders) from risk, a bank will insist on tons of collateral. You must pledge enough to cover the amount of the loan. For most small business owners without enough business collateral, this typically means the best you can hope for is a home equity line of credit. Sadly, you must put your personal residence on the line in order to get any help from a bank.
4. They will require a personal guarantee. This means they will ask you to sign a form which states you are personally responsible for repaying the fast small business loan. If you have any trouble repaying, the bank then has the right to sell off your assets to get their money back. It applies even if your business fails or experiences financial difficulties. Having a personal guarantee hanging over your head can be extremely stressful.
Is There Really an Alternative to a Bank Loan for Business?
The truth is that banks have been unkind to small businesses for quite some time. This situation is becoming worse all the time. Thankfully, alternative finance companies, like Financing Solutions (www.financingsolutionsnow.com) are available to help.
At Financing Solutions they specialize in helping small and medium size businesses with cash flow issues. They offer cash advances, debt consolidation and business line of credit products.
This is the ideal solution when you are in danger of running out of cash. With their help, you can make payroll, pay business taxes and purchase inventory when you need to.
They look beyond credit scores to get you cash when your business needs money fast. You can get a business line of credit quickly, easily and without personal guarantees (except in cases of fraud). To find out how much you are eligible for, just give them a call.
